UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________________________________
FORM 10-K
_______________________________________________________________________________
(Mark One)
ý | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, 2017
or
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number 1-35796
TRI Pointe Group, Inc.
(Exact Name of Registrant as Specified in Its Charter)
_______________________________________________________________________________
Delaware | 61-1763235 | |
(State or other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |
19540 Jamboree Road, Suite 300
Irvine, California 92612
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code (949) 438-1400
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Name of each exchange on which registered | |
Common Stock, par value $0.01 per share | New York Stock Exchange | |
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ý No ¨
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ¨ No ý
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ý No ¨
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ý
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer | ☒ | Accelerated filer | ☐ |
Non-accelerated filer | ☐ (Do not check if a smaller reporting company) | Smaller reporting company | ☐ |
Emerging Growth Company | ☐ | ||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes ¨ No ý
The aggregate market value of the registrant’s common stock held by non-affiliates of the registrant on June 30, 2017, based on the closing price of $13.19 as reported by the New York Stock Exchange, was $1,950,059,287.
151,212,457 shares of common stock were issued and outstanding as of February 8, 2018.
DOCUMENTS INCORPORATED BY REFERENCE:
Portions from the registrant’s proxy statement relating to its 2018 annual meeting of stockholders are incorporated by reference into Part III, Items 10, 11, 12, 13 and 14.
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TRI Pointe Group, Inc.
ANNUAL REPORT ON FORM 10-K
FOR THE YEAR ENDED DECEMBER 31, 2017
Table of Contents
Page Number | ||
Part I | ||
Item 1. | ||
Item 1A. | ||
Item 1B. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Part II | ||
Item 5. | ||
Item 6. | ||
Item 7. | ||
Item 7A. | ||
Item 8. | ||
Item 9. | ||
Item 9A. | ||
Item 9B. | ||
Part III | ||
Item 10. | ||
Item 11. | ||
Item 12. | ||
Item 13. | ||
Item 14. | ||
Part IV | ||
Item 15. | ||
Item 16. | ||
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CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS
This annual report on Form 10-K contains certain statements that are “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements are based on our current intentions, beliefs, expectations and predictions for the future, and you should not place undue reliance on these statements. These statements use forward-looking terminology, are based on various assumptions made by us, and may not be accurate because of risks and uncertainties surrounding the assumptions that are made.
Factors listed in this section–as well as other factors–may cause actual results to differ significantly from the forward-looking statements included in this annual report on Form 10-K. There is no guarantee that any of the events anticipated by the forward-looking statements in this annual report on Form 10-K will occur, or if any of the events occurs, there is no guarantee what effect it will have on our operations, financial condition, or share price.
We undertake no, and hereby disclaim any, obligation to update or revise any forward-looking statements, unless required by law. However, we reserve the right to make such updates or revisions from time to time by press release, periodic report, or other method of public disclosure without the need for specific reference to this annual report on Form 10-K. No update or revision shall be deemed to indicate that other statements not addressed by that update or revision remain correct or create an obligation to provide any other updates or revisions.
Forward-Looking Statements
Forward-looking statements that are included in this annual report on Form 10-K are generally accompanied by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “future,” “goal,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “should,” “strategy,” “target,” “will,” “would,” or other words that convey the uncertainty of future events or outcomes. These forward-looking statements may include, but are not limited to, statements regarding our strategy, projections and estimates concerning the timing and success of specific projects and our future production, land and lot sales, outcome of legal proceedings, operational and financial results, including our estimates for growth, financial condition, sales prices, prospects and capital spending.
Risks, Uncertainties and Assumptions
The major risks and uncertainties–and assumptions that are made–that affect our business and may cause actual results to differ from these forward-looking statements include, but are not limited to:
• | the effect of general economic conditions, including employment rates, housing starts, interest rate levels, availability of financing for home mortgages and strength of the U.S. dollar; |
• | market demand for our products, which is related to the strength of the various U.S. business segments and U.S. and international economic conditions; |
• | levels of competition; |
• | the successful execution of our internal performance plans, including any restructuring and cost reduction initiatives; |
• | global economic conditions; |
• | raw material prices; |
• | oil and other energy prices; |
• | the effect of weather, including the re-occurrence of drought conditions in California; |
• | the risk of loss from earthquakes, volcanoes, fires, floods, droughts, windstorms, hurricanes, pest infestations and other natural disasters, and the risk of delays, reduced consumer demand, and shortages and price increases in labor or materials associated with such natural disasters; |
• | transportation costs; |
• | federal and state tax policies; |
• | the effect of land use, environment and other governmental laws and regulations; |
• | legal proceedings or disputes and the adequacy of reserves; |
• | risks relating to any unforeseen changes to or effects on liabilities, future capital expenditures, revenues, expenses, earnings, synergies, indebtedness, financial condition, losses and future prospects; |
• | changes in accounting principles; |
• | risks related to unauthorized access to our computer systems, theft of our homebuyers’ confidential information or other forms of cyber-attack; and |
• | other factors described in “Risk Factors.” |
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EXPLANATORY NOTE
As used in this annual report on Form 10-K, references to “TRI Pointe”, “the Company”, “we”, “us”, or “our” in this annual report on Form 10-K (including in the consolidated financial statements and related notes thereto in this annual report on Form 10-K) have the following meanings, unless the context otherwise requires:
• | For periods prior to July 7, 2015: TRI Pointe Homes, Inc., a Delaware corporation (“TRI Pointe Homes”) and its subsidiaries; and |
• | For periods from and after July 7, 2015: TRI Pointe Group, Inc., a Delaware corporation (“TRI Pointe Group”) and its subsidiaries. |
The following discussion and analysis should be read in conjunction with our audited consolidated financial statements and related notes thereto contained elsewhere in this annual report on Form 10-K. The section entitled “Risk Factors” set forth in Part I, Item 1A of this annual report on Form 10-K identifies some of the important risk factors that may affect our business, results of operations and financial condition. Investors should carefully consider those risks, in addition to the information in this annual report on Form 10-K, before deciding to invest in, or maintain an investment in, our common stock. “Winchester” is a registered trademark and is used with permission.
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PART I.
Item 1. | Business |
Our Company
TRI Pointe was founded in April 2009, near the end of an unprecedented downturn in the national homebuilding industry. Since then, we have grown from a Southern California fee homebuilder into a regionally focused national homebuilder with a portfolio of the following six quality homebuilding brands operating in 15 markets across eight states:
• | Maracay Homes in Arizona; |
• | Pardee Homes in California and Nevada; |
• | Quadrant Homes in Washington; |
• | Trendmaker Homes in Texas; |
• | TRI Pointe Homes in California and Colorado; and |
• | Winchester Homes in Maryland and Virginia. |
Our growth strategy is to capitalize on high demand in selected "core" markets with favorable population and employment growth as a result of proximity to job centers or primary transportation corridors. As of December 31, 2017, our operations consisted of 130 active selling communities and 27,312 lots owned or controlled. See “Lots Owned or Controlled” below. Our construction expertise across an extensive product offering allows us flexibility to pursue a wide array of land acquisition opportunities and appeal to a broad range of potential homebuyers, including buyers of entry-level, move-up, luxury and active adult homes. As a result, we build across a variety of base sales price points, ranging from approximately $223,000 to $2.2 million, and home sizes, ranging from approximately 1,020 to 5,600 square feet. See “Description of Projects and Communities under Development” below. For the years ended December 31, 2017 and 2016, we delivered 4,697 and 4,211 homes, respectively, and the average sales price of our new homes delivered was approximately $582,000 and $553,000, respectively.
Our founders firmly established our core values of quality, integrity and excellence. These are the driving forces behind our innovative designs and strong commitment to our homebuyers.
Formation of TRI Pointe Group
On July 7, 2015, TRI Pointe Homes reorganized its corporate structure (the “Reorganization”) whereby TRI Pointe Homes became a direct, wholly owned subsidiary of TRI Pointe Group. As part of the Reorganization, we rebranded as TRI Pointe Group, while retaining TRI Pointe Homes as a regional homebuilding brand. As a result of the Reorganization, each share of common stock, par value $0.01 per share, of TRI Pointe Homes (“TRI Pointe Homes Common Stock”) was cancelled and converted automatically into the right to receive one validly issued, fully paid and non-assessable share of common stock, par value $0.01 per share, of TRI Pointe Group (“TRI Pointe Group Common Stock”), each share having the same designations, rights, powers and preferences, and the qualifications, limitations and restrictions thereof as the shares of TRI Pointe Homes Common Stock being so converted. TRI Pointe Group, as the successor issuer to TRI Pointe Homes (pursuant to Rule 12g-3(a) under the Exchange Act), began making filings under the Securities Act and the Exchange Act on July 7, 2015, and TRI Pointe Group Common Stock continued to trade on the New York Stock Exchange (“NYSE”) under the ticker symbol “TPH”.
In connection with the Reorganization, TRI Pointe Group (i) became a co-issuer of TRI Pointe Homes’ 4.375% Senior Notes due 2019 (“2019 Notes”) and TRI Pointe Homes' 5.875% Senior Notes due 2024 (“2024 Notes”); and (ii) replaced TRI Pointe Homes as the borrower under TRI Pointe Homes’ unsecured revolving credit facility.
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The business, executive officers and directors of TRI Pointe Group, and the rights and limitations of the holders of TRI Pointe Group Common Stock immediately following the Reorganization were identical to the business, executive officers and directors of TRI Pointe Homes, and the rights and limitations of holders of TRI Pointe Homes Common Stock immediately prior to the Reorganization.
Our Competitive Strengths
We believe the following strengths provide us with a significant competitive advantage in implementing our business strategy:
Experienced and Proven Leadership
Douglas Bauer, our Chief Executive Officer, Thomas Mitchell, our President and Chief Operating Officer, and Michael Grubbs, our Chief Financial Officer, have worked together for over 28 years and have a successful track record of managing and growing a public homebuilding company. Spanning over a century, their combined real estate industry experience includes land acquisition, financing, entitlement, development, construction, marketing and sales of single-family detached and attached homes in communities in a variety of markets. In addition, the management teams at each of our homebuilding subsidiaries have substantial industry knowledge and local market expertise. We believe that our management teams’ prior experience, extensive relationships and strong local reputations provide us with a competitive advantage in securing projects, obtaining entitlements, building quality homes and completing projects within budget and on schedule.
Focus on High Growth Core Markets
Our business is well-positioned to continue to capitalize on the broader national housing market recovery. We are focused on the design, construction and sale of innovative single-family detached and attached homes in major metropolitan areas in Arizona, California, Colorado, Texas, Nevada, the Washington, D.C. metro area, and Washington State. These markets are generally characterized by high job growth and increasing populations, creating strong demand for new housing. We believe they represent attractive homebuilding markets with opportunities for long-term growth and that we have strong land positions strategically located within these markets. Moreover, our management teams have deep, local market knowledge of the homebuilding and development industries. We believe this experience and strong relationships with local market participants enable us to source, acquire and entitle land efficiently.
Strong Operational Discipline and Controls
Our management teams pursue a hands-on approach. Our strict operating discipline, including financial accountability at the project management level, is a key part of our strategy to maximize returns while minimizing risk.
Acquire Attractive Land Positions While Reducing Risk
We believe that our reputation and extensive relationships with land sellers, master plan developers, financial institutions, brokers and other builders enable us to continue to acquire well-positioned land parcels in our target markets and provide us access to a greater number of acquisition opportunities. We believe our expertise in land development and planning enables us to create desirable communities that meet or exceed our homebuyers' expectations, while operating at competitive costs.
Increase Market Position in Growth Markets
We believe that there are opportunities to expand profitably in our existing and target markets, and we continually review our selection of markets based on both aggregate demographic information and our own operating results. We use the results of these reviews to re-allocate our investments to those markets where we believe we can maximize our profitability and return on capital. While our primary growth strategy has focused on increasing our market position in our existing markets, we may, on an opportunistic basis, explore expansion into other markets through organic growth or acquisition.
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Provide Superior Design and Homeowner Experience and Service
We consider ourselves a "progressive" homebuilder driven by an exemplary homeowner experience, cutting-edge product development and exceptional execution. Our core operating philosophy is to provide a positive, memorable experience to our homeowners through active engagement in the building process, tailoring our product to homeowners' lifestyle needs and enhancing communication, knowledge and satisfaction. We believe that the new generation of home buying families has different ideas about the kind of home buying experience it wants. As a result, our selling process focuses on the home's features, benefits, quality and design in addition to the traditional metrics of price and square footage. In addition, we devote significant resources to the research and design of our homes to better meet the needs of our homebuyers. Through our LivingSmart® platform, we provide homes that we believe are earth-friendly, enhance homeowners' comfort, promote a healthier lifestyle and deliver tangible operating cost savings versus less efficient resale homes. Collectively, we believe these steps enhance the selling process, lead to a more satisfied homeowner and increase the number of homebuyers referred to our communities.
Offer a Diverse Range of Products
We are a builder with a wide variety of product offerings that enable us to meet the specific needs of each of our core markets, which we believe provides us with a balanced portfolio and an opportunity to increase market share. We have demonstrated expertise in effectively building homes across product offerings from entry-level through luxury and active adult. We spend extensive time studying and designing our products through the use of architects, consultants and homebuyer focus groups for all levels and price points in our target markets. We believe our diversified product strategy enables us to best serve a wide range of homebuyers, adapt quickly to changing market conditions and optimize performance and returns while strategically reducing portfolio risk. Within each of our core markets we determine the profile of homebuyers we hope to address and design neighborhoods and homes with the specific needs of those homebuyers in mind.
Focus on Efficient Cost Structure and Target Attractive Returns
Our experienced management teams are vigilant in maintaining their focus on controlling costs. We competitively bid new projects and phases while maintaining strong relationships with our trade partners by managing production schedules closely and paying our vendors on time.
We combine decentralized management in those aspects of our business in which we believe detailed knowledge of local market conditions is critical (such as governmental processing, construction, land acquisition, land development and sales and marketing), with centralized management in those functions in which we believe central control is required (such as approval of land acquisitions, financial, treasury, human resources and legal matters). We have also made significant investments in systems and infrastructure to operate our business efficiently and to support the planned future growth of our company as a result of executing our expansion strategy.
Utilize Prudent Leverage
Our ongoing financial strategy includes redeployment of cash flows from continuing operations and debt to provide us with the financial flexibility to access capital on the best terms available. In that regard, we expect to employ prudent levels of leverage to finance the acquisition and development of our lots and construction of our homes. See "Our Financing Strategy" below.
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Lots Owned or Controlled
As of December 31, 2017, we owned or controlled, pursuant to land option contracts or purchase contracts, an aggregate of 27,312 lots. We refer to lots that are under land option contracts as "controlled." See "Acquisition Process" below. Excluded from lots owned or controlled are investments described in Note 6, Investments in Unconsolidated Entities, of the notes to our consolidated financial statements included elsewhere in this annual report on Form 10-K. The following table presents certain information with respect to our lots owned or controlled as of December 31, 2017.
Lots Owned | Lots Controlled | Lots Owned or Controlled | ||||||
Maracay Homes | 1,950 | 569 | 2,519 | |||||
Pardee Homes | 14,925 | 219 | 15,144 | |||||
Quadrant Homes | 1,070 | 656 | 1,726 | |||||
Trendmaker Homes | 1,508 | 347 | 1,855 | |||||
TRI Pointe Homes | 2,890 | 1,074 | 3,964 | |||||
Winchester Homes | 1,597 | 507 | 2,104 | |||||
Total | 23,940 | 3,372 | 27,312 | |||||
Description of Projects and Communities under Development
Our lot inventory includes land that we are holding for future development. The development of these lots will be subject to a variety of marketing, regulatory and other factors and in some cases we may decide to sell the land prior to development. The following table presents project information relating to each of our markets as of December 31, 2017 and includes information on current projects under development where we are building and selling homes as of December 31, 2017.
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Maracay Homes
County, Project, City | Year of First Delivery(1) | Total Number of Lots(2) | Cumulative Homes Delivered as of December 31, 2017 | Lots Owned as of December 31, 2017(3) | Backlog as of December 31,2017(4)(5) | Homes Delivered for the Twelve Months Ended December 31, 2017 | Sales Price Range(in thousands)(6) | |||||||||||
Phoenix, Arizona | ||||||||||||||||||
City of Buckeye: | ||||||||||||||||||
Verrado Palisades | 2015 | 63 | 62 | 1 | — | 29 | $301 - $374 | |||||||||||
Verrado Victory | 2015 | 98 | 49 | 49 | 16 | 19 | $368 - $400 | |||||||||||
City of Chandler: | ||||||||||||||||||
Hawthorn Manor | 2017 | 84 | 31 | 53 | 14 | 31 | $517 - $559 | |||||||||||
Mission Estates | 2019 | 26 | — | 26 | — | — | $545 - $570 | |||||||||||
Windermere Ranch | 2019 | 91 | — | 91 | — | — | $448 - $476 | |||||||||||
City of Gilbert: | ||||||||||||||||||
Marquis at Morrison Ranch | 2016 | 66 | 65 | 1 | — | 29 | $414 - $501 | |||||||||||
Artisan at Morrison Ranch | 2016 | 105 | 85 | 20 | 13 | 50 | $340 - $393 | |||||||||||
The Preserve at Adora Trails | 2017 | 82 | 34 | 48 | 21 | 34 | $414 - $457 | |||||||||||
Marathon Ranch | 2018 | 63 | — | 63 | — | — | $486 - $535 | |||||||||||
Lakes At Annecy | 2018 | 216 | — | 216 | — | — | $276 - $311 | |||||||||||
Lakeview Trails | 2019 | 92 | — | 92 | — | — | $451 - $511 | |||||||||||
Copper Bend | 2019 | 38 | — | 38 | — | — | $451 - $484 | |||||||||||
City of Goodyear: | ||||||||||||||||||
Rio Paseo Villages | 2018 | 117 | — | 117 | — | — | $213 - $227 | |||||||||||
Rio Paseo Cottages | 2018 | 93 | — | 93 | 2 | — | $253 - $271 | |||||||||||
City of Mesa: | ||||||||||||||||||
Kinetic Point at Eastmark | 2013 | 80 | 77 | 3 | — | 2 | $294 - $373 | |||||||||||
Lumiere Garden at Eastmark | 2013 | 85 | 83 | 2 | 2 | 8 | $332 - $409 | |||||||||||
Curie Court at Eastmark | 2016 | 106 | 58 | 48 | 27 | 28 | $294 - $373 | |||||||||||
Palladium Point | 2016 | 53 | 34 | 19 | 16 | 30 | $321 - $390 | |||||||||||
The Vista at Granite Crossing | 2018 | 37 | — | 37 | — | — | $424 - $499 | |||||||||||
Eastmark DU6 Parcel 14 | 2019 | 53 | — | 53 | — | — | $350 - $400 | |||||||||||
Town of Peoria: | ||||||||||||||||||
Legacy at The Meadows | 2017 | 74 | 26 | 48 | 26 | 26 | $419 - $445 | |||||||||||
Estates at The Meadows | 2017 | 272 | 43 | 229 | 23 | 43 | $476 - $550 | |||||||||||
Enclave at The Meadows | 2018 | 126 | — | 126 | 12 | — | $380 - $475 | |||||||||||
Riverwalk | 2019 | 94 | — | 94 | — | — | $494 - $547 | |||||||||||
City of Phoenix: | ||||||||||||||||||
Navarro Groves | 2018 | 54 | — | 54 | — | — | $402 - $447 | |||||||||||
Avance | 2019 | 204 | — | 204 | — | — | $336 - $598 | |||||||||||
Closed Communities | N/A | — | — | — | — | 102 | N/A | |||||||||||
Phoenix, Arizona Total | 2,472 | 647 | 1,825 | 172 | 431 | |||||||||||||
Tucson, Arizona | ||||||||||||||||||
Oro Valley: | ||||||||||||||||||
Desert Crest - Center Pointe Vistoso | 2016 | 103 | 49 | 54 | 14 | 36 | $259 - $304 | |||||||||||
The Cove - Center Pointe Vistoso | 2016 | 83 | 49 | 34 | 14 | 31 | $345 - $405 | |||||||||||
Summit N & S - Center Pointe Vistoso | 2016 | 88 | 65 | 23 | 7 | 42 | $395 - $430 | |||||||||||
The Pinnacle - Center Pointe Vistoso | 2016 | 69 | 60 | 9 | 6 | 38 | $448 - $480 | |||||||||||
Tucson: | ||||||||||||||||||
Ranches at Santa Catalina | 2016 | 34 | 29 | 5 | 4 | 23 | $414 - $460 | |||||||||||
Closed Communities | N/A | — | — | — | — | 27 | N/A | |||||||||||
Tucson, Arizona Total | 377 | 252 | 125 | 45 | 197 | |||||||||||||
Maracay Total | 2,849 | 899 | 1,950 | 217 | 628 | |||||||||||||
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Pardee Homes
County, Project, City | Year of First Delivery(1) | Total Number of Lots(2) | Cumulative Homes Delivered as of December 31, 2017 | Lots Owned as of December 31, 2017(3) | Backlog as of December 31,2017(4)(5) | Homes Delivered for the Twelve Months Ended December 31, 2017 | Sales Price Range(in thousands)(6) | |||||||||||
California | ||||||||||||||||||
San Diego County: | ||||||||||||||||||
Casavia | 2017 | 83 | 63 | 20 | 20 | 63 | $980 - $1,070 | |||||||||||
Artesana | 2017 | 56 | 30 | 26 | 20 | 30 | $1,685 - $1,910 | |||||||||||
Almeria | 2017 | 80 | 15 | 65 | 14 | 15 | $1,440 - $1,550 | |||||||||||
Olvera | 2017 | 84 | 15 | 69 | 25 | 15 | $1,315 - $1,450 | |||||||||||
Pacific Highlands Ranch Future | TBD | 536 | — | 536 | — | — | TBD | |||||||||||
Sandstone (Weston) | 2018 | 81 | — | 81 | 6 | — | $640 - $670 | |||||||||||
Lake Ridge (Weston) | 2018 | 129 | — | 129 | 12 | — | $710 - $805 | |||||||||||
Meadowood | TBD | 844 | — | 844 | — | — | $290 - $590 | |||||||||||
Luna | 2017 | 96 | 67 | 29 | 27 | 67 | $370 - $475 | |||||||||||
Azul | 2017 | 121 | 64 | 57 | 41 | 64 | $360 - $475 | |||||||||||
Veraz | 2018 | 111 | — | 111 | — | — | $330 - $430 | |||||||||||
Moderna | 2018 | 112 | — | 112 | — | — | $325 - $375 | |||||||||||
Ocean View Hills Future | 2018 | 468 | — | 468 | — | — | TBD | |||||||||||
South Otay Mesa | TBD | 893 | — | 893 | — | — | TBD | |||||||||||
Los Angeles County: | ||||||||||||||||||
Aliento - Verano | 2017 | 95 | 5 | 90 | 12 | 5 | $540 - $660 | |||||||||||
Aliento - Arista | 2017 | 112 | 29 | 83 | 12 | 29 | $700 - $780 | |||||||||||
Aliento - 55x100 | 2018 | 94 | — | 94 | — | — | TBD | |||||||||||
Aliento - Cresta | 2018 | 67 | — | 67 | — | — | $775 - $840 | |||||||||||
Skyline Ranch | 2019 | 1,220 | — | 1,220 | — | — | $550 - $810 | |||||||||||
Riverside County: | ||||||||||||||||||
Senterra | 2016 | 82 | 79 | 3 | 2 | 54 | $415 - $485 | |||||||||||
Vantage | 2016 | 83 | 52 | 31 | 10 | 37 | $380 - $400 | |||||||||||
Viewpoint | 2016 | 75 | 73 | 2 | 2 | 55 | $305 - $335 | |||||||||||
Overlook | 2016 | 112 | 90 | 22 | 18 | 66 | $320 - $355 | |||||||||||
Aura | 2017 | 79 | 48 | 31 | 5 | 48 | $360 - $380 | |||||||||||
Starling | 2017 | 107 | 15 | 92 | 9 | 15 | $410 - $430 | |||||||||||
Canyon Hills Future 70 x 115 | 2018 | 125 | — | 125 | — | — | TBD | |||||||||||
Tournament Hills Future | TBD | 268 | — | 268 | — | — | TBD | |||||||||||
Skycrest | 2015 | 125 | 107 | 18 | 5 | 39 | $378 - $400 | |||||||||||
Flagstone | 2016 | 79 | 64 | 15 | 6 | 30 | $430 - $450 | |||||||||||
Elara | 2016 | 215 | 119 | 96 | 12 | 99 | $300 - $320 | |||||||||||
Daybreak | 2017 | 139 | 25 | 114 | 11 | 25 | $340 - $360 | |||||||||||
Cascade | 2017 | 105 | 27 | 78 | 2 | 27 | $300 - $320 | |||||||||||
Abrio | 2018 | 82 | — | 82 | — | — | $385 - $415 | |||||||||||
Beacon | 2018 | 108 | — | 108 | — | — | $440 - $455 | |||||||||||
Sundance Future Active Adult | 2018 | 704 | — | 704 | — | — | TBD | |||||||||||
Sundance Future | TBD | 108 | — | 108 | — | — | TBD | |||||||||||
Avena | 2018 | 84 | — | 84 | 1 | — | $440 - $470 | |||||||||||
Tamarack | 2018 | 84 | — | 84 | 17 | — | $460 - $500 | |||||||||||
Spencer's Crossing PA24 | 2018 | 82 | — | 82 | — | — | TBD | |||||||||||
Canvas | 2018 | 89 | — | 89 | — | — | $390 - $405 | |||||||||||
Kadence | 2018 | 85 | — | 85 | — | — | $405 - $425 | |||||||||||
Newland | 2018 | 93 | — | 93 | — | — | $430 - $450 | |||||||||||
Easton | 2018 | 92 | — | 92 | — | — | $445 - $470 | |||||||||||
Banning | 2020 | 4,318 | — | 4,318 | — | — | TBD | |||||||||||
San Joaquin County: | ||||||||||||||||||
Bear Creek | TBD | 1,252 | — | 1,252 | — | — | TBD | |||||||||||
Closed Communities | N/A | — | — | — | — | 169 | N/A | |||||||||||
California Total | 14,057 | 987 | 13,070 | 289 | 952 | |||||||||||||
- 9 -
Nevada | ||||||||||||||||||
Clark County: | ||||||||||||||||||
North Peak | 2015 | 171 | 122 | 49 | 17 | 65 | $303 - $357 | |||||||||||
Castle Rock | 2015 | 188 | 116 | 72 | 15 | 55 | $345 - $440 | |||||||||||
Camino | 2016 | 86 | 84 | 2 | — | 61 | $255 - $270 | |||||||||||
Bella Verdi | 2015 | 57 | 51 | 6 | 1 | 4 | $400 - $440 | |||||||||||
Escala | 2016 | 103 | 53 | 50 | 3 | 34 | $520 - $590 | |||||||||||
Montero | 2016 | 77 | 57 | 20 | 9 | 49 | $425 - $505 | |||||||||||
Strada | 2017 | 119 | 24 | 95 | 2 | 24 | $405 - $440 | |||||||||||
Linea | 2018 | 87 | — | 87 | — | — | $335 - $370 | |||||||||||
Meridian | 2016 | 62 | 42 | 20 | 10 | 22 | $590 - $685 | |||||||||||
Pebble Estate Future | TBD | 8 | — | 8 | — | — | TBD | |||||||||||
Encanto | 2016 | 51 | 34 | 17 | 6 | 23 | $470 - $530 | |||||||||||
Luma | 2018 | 63 | — | 63 | 2 | — | $470 - $526 | |||||||||||
Encanto Townhomes | 2018 | 70 | — | 70 | — | — | TBD | |||||||||||
Horizon Terrace | 2014 | 165 | 135 | 30 | 13 | 41 | $415 - $470 | |||||||||||
Horizon Valle Verde | 2018 | 53 | — | 53 | — | — | $450 - $470 | |||||||||||
Keystone | 2017 | 70 | 24 | 46 | 7 | 23 | $450 - $540 | |||||||||||
Cobalt | 2017 | 98 | 3 | 95 | 4 | 3 | $360 - $430 | |||||||||||
Onyx | 2018 | 97 | — | 97 | — | — | $435 - $455 | |||||||||||
Axis | 2017 | 78 | 10 | 68 | 9 | 10 | $835 - $1,070 | |||||||||||
The Canyons at MacDonald Ranch - R | 2018 | 22 | — | 22 | — | — | $515 - $585 | |||||||||||
Pivot | 2017 | 88 | 12 | 76 | 4 | 12 | $400 - $450 | |||||||||||
Strada at Pivot | 2017 | 27 | 7 | 20 | 4 | 7 | $445 - $480 | |||||||||||
Nova Ridge | 2018 | 108 | 1 | 107 | 14 | 1 | $635 - $800 | |||||||||||
Tera Luna | 2018 | 116 | — | 116 | — | — | $545 - $595 | |||||||||||
Indogo | 2018 | 202 | — | 202 | — | — | $267 - $276 | |||||||||||
Larimar | 2018 | 170 | — | 170 | — | — | $320 - $360 | |||||||||||
Blackstone | 2018 | 140 | — | 140 | — | — | $369 - $430 | |||||||||||
Cactus/Jones | TBD | 54 | — | 54 | — | — | $349 - $375 | |||||||||||
Closed Communities | N/A | — | — | — | — | 45 | N/A | |||||||||||
Nevada Total | 2,630 | 775 | 1,855 | 120 | 479 | |||||||||||||
Pardee Total | 16,687 | 1,762 | 14,925 | 409 | 1,431 | |||||||||||||
- 10 -
Quadrant Homes
County, Project, City | Year of First Delivery(1) | Total Number of Lots(2) | Cumulative Homes Delivered as of December 31, 2017 | Lots Owned as of December 31, 2017(3) | Backlog as of December 31,2017(4)(5) | Homes Delivered for the Twelve Months Ended December 31, 2017 | Sales Price Range(in thousands)(6) | |||||||||||
Washington | ||||||||||||||||||
Snohomish County: | ||||||||||||||||||
Evergreen Heights, Monroe | 2016 | 71 | 63 | 8 | 7 | 60 | $503 - $558 | |||||||||||
The Grove at Canyon Park, Bothell | 2017 | 60 | 38 | 22 | 19 | 38 | $685 - $780 | |||||||||||
Greenstone Heights, Bothell | 2017 | 41 | 2 | 39 | 16 | 2 | $920 - $1,104 | |||||||||||
Grove North, Bothell | 2019 | 43 | — | 43 | — | — | $765 - $870 | |||||||||||
King County: | ||||||||||||||||||
Vareze, Kirkland | 2019 | 82 | — | 82 | — | — | $675 - $885 | |||||||||||
Parkwood Terrace, Woodinville | 2017 | 15 | 6 | 9 | 8 | 6 | $829 - $945 | |||||||||||
Hazelwood Ridge, Newcastle | 2017 | 30 | 22 | 8 | 6 | 22 | $895 - $1,025 | |||||||||||
Inglewood Landing, Sammamish | 2018 | 21 | — | 21 | — | — | $1,100 - $1,260 | |||||||||||
Jacobs Landing, Sammamish | 2017 | 20 | 1 | 19 | 3 | 1 | $1,160 - $1,282 | |||||||||||
Kirkwood Terrace, Sammamish | 2018 | 12 | — | 12 | — | — | $1,680 - $1,930 | |||||||||||
English Landing P2, Redmond | 2017 | 25 | 7 | 18 | 7 | 7 | $1,093 - $1,349 | |||||||||||
English Landing P1, Redmond | 2018 | 50 | — | 50 | — | — | $1,150 - $1,386 | |||||||||||
Cedar Landing, North Bend | 2019 | 138 | — | 138 | — | — | $660 - $810 | |||||||||||
Monarch Ridge, Sammamish | 2018 | 59 | — | 59 | — | — | $960 - $1,135 | |||||||||||
Overlook at Summit Park, Maple Valley | 2018 | 126 | — | 126 | — | — | $600 - $765 | |||||||||||
Ray Meadows, Redmond | 2018 | 27 | — | 27 | — | — | $1,095 - $1,375 | |||||||||||
Wynstone, Federal Way | TBD | 4 | — | 4 | — | — | TBD | |||||||||||
Breva, Bellevue | 2017 | 29 | 19 | 10 | 10 | 19 | $793 - $888 | |||||||||||
Canton Crossing, Maple Valley | 2017 | 51 | 16 | 35 | 11 | 16 | $572 - $650 | |||||||||||
Aurea, Sammamish | 2019 | 41 | — | 41 | — | — | $670 - $860 | |||||||||||
Aldea (Avalon Townhomes), Newcastle | 2018 | 129 | — | 129 | — | — | $640 - $905 | |||||||||||
Pierce County: | ||||||||||||||||||
Harbor Hill S-5/6, Gig Harbor | 2017 | 72 | 23 | 49 | 10 | 23 | $432 - $523 | |||||||||||
Harbor Hill S-2, Gig Harbor | 2017 | 41 | 7 | 34 | 5 | 7 | $416 - $463 | |||||||||||
Kitsap County: | ||||||||||||||||||
Mountain Aire, Poulsbo | 2016 | 145 | 77 | 68 | 42 | 48 | $412 - $469 | |||||||||||
Winslow Grove, Bainbridge Island | 2018 | 19 | — | 19 | — | — | $1,067 - $1,212 | |||||||||||
Closed Communities | N/A | — | — | — | — | 103 | N/A | |||||||||||
Washington Total | 1,351 | 281 | 1,070 | 144 | 352 | |||||||||||||
Quadrant Homes Total | 1,351 | 281 | 1,070 | 144 | 352 | |||||||||||||
- 11 -
Trendmaker Homes
County, Project, City | Year of First Delivery(1) | Total Number of Lots(2) | Cumulative Homes Delivered as of December 31, 2017 | Lots Owned as of December 31, 2017(3) | Backlog as of December 31,2017(4)(5) | Homes Delivered for the Twelve Months Ended December 31, 2017 | Sales Price Range(in thousands)(6) | |||||||||||
Texas | ||||||||||||||||||
Brazoria County: | ||||||||||||||||||
Sedona Lakes, Pearland | 2014 | 34 | 29 | 5 | 5 | 8 | $380 | |||||||||||
Pomona, Manvel | 2015 | 49 | 21 | 28 | 5 | 16 | $369 - $464 | |||||||||||
Rise Meridiana | 2016 | 36 | 17 | 19 | 3 | 16 | $292 - $350 | |||||||||||
Fort Bend County: | ||||||||||||||||||
Cross Creek Ranch 60', Fulshear | 2013 | 35 | 15 | 20 | 4 | 11 | $370 - $470 | |||||||||||
Cross Creek Ranch 65', Fulshear | 2013 | 61 | 51 | 10 | 3 | 18 | $437 - $498 | |||||||||||
Cross Creek Ranch 70', Fulshear | 2013 | 107 | 72 | 35 | 5 | 12 | $485 - $548 | |||||||||||
Cross Creek Ranch 80', Fulshear | 2013 | 51 | 40 | 11 | 2 | 12 | $571 - $676 | |||||||||||
Cross Creek Ranch 90', Fulshear | 2013 | 31 | 26 | 5 | 2 | 14 | $654 - $718 | |||||||||||
Fulshear Run, Richmond | 2016 | 54 | 18 | 36 | 5 | 17 | $562 - $668 | |||||||||||
Harvest Green 75', Richmond | 2015 | 27 | 20 | 7 | 6 | 11 | $446 - $520 | |||||||||||
Sienna Plantation 85', Missouri City | 2015 | 39 | 21 | 18 | 2 | 11 | $546 - $645 | |||||||||||
Villas at Aliana, Richmond | 2013 | 117 | 106 | 11 | 2 | 19 | $399 - $451 | |||||||||||
Harris County: | ||||||||||||||||||
The Groves, Humble | 2015 | 82 | 45 | 37 | 2 | 16 | $323 - $524 | |||||||||||
Lakes of Creekside | 2015 | 21 | 9 | 12 | 2 | 8 | $512 - $585 | |||||||||||
Bridgeland 80', Cypress | 2015 | 123 | 101 | 22 | 8 | 17 | $524 - $611 | |||||||||||
Bridgeland Patio, Cypress | 2017 | 32 | 15 | 17 | 6 | 14 | $344 - $413 | |||||||||||
Bridgeland 70' | TBD | 9 | — | 9 | — | — | $479 - $538 | |||||||||||
Villas at Bridgeland 50' | TBD | 1 | — | 1 | — | — | TBD | |||||||||||
Elyson 70', Cypress | 2017 | 20 | 8 | 12 | 1 | 8 | $454 - $496 | |||||||||||
Hidden Arbor, Cypress | 2015 | 129 | 88 | 41 | 10 | 64 | $375 - $584 | |||||||||||
Clear Lake, Houston | 2015 | 770 | 288 | 482 | 48 | 74 | $330 - $660 | |||||||||||
Montgomery County: | ||||||||||||||||||
Woodtrace, Woodtrace | 2014 | 39 | 30 | 9 | 3 | 12 | $441 - $480 | |||||||||||
Northgrove, Tomball | 2015 | 25 | 5 | 20 | — | 4 | $454 - $498 | |||||||||||
Bender's Landing Estates, Spring | 2014 | 104 | 60 | 44 | 8 | 21 | $473 - $568 | |||||||||||
The Woodlands, Creekside Park | 2015 | 104 | 39 | 65 | 8 | 25 | $413 - $624 | |||||||||||
Waller County: | ||||||||||||||||||
Cane Island, Katy | 2015 | 23 | 20 | 3 | — | 6 | $525 - $634 | |||||||||||
Mustang Estates | TBD | 350 | — | 350 | — | — | TBD | |||||||||||
Williamson County: | ||||||||||||||||||
Crystal Falls | 2016 | 29 | 16 | 13 | 5 | 13 | $460 - $535 | |||||||||||
Rancho Sienna 60' | 2017 | 28 | 4 | 24 | 1 | 4 | $350 - $422 | |||||||||||
Rancho Sienna 80' | 2018 | 4 | — | 4 | 2 | — | TBD | |||||||||||
Highlands at Mayfield Ranch 50' | TBD | 11 | — | 11 | — | — | TBD | |||||||||||
Highlands at Mayfield Ranch 60' | TBD | 1 | — | 1 | — | — | TBD | |||||||||||
Hays County: | ||||||||||||||||||
Belterra 60', Austin | 2017 | 33 | 9 | 24 | 5 | 9 | $375 - $466 | |||||||||||
Belterra 80', Austin | 2016 | 37 | 18 | 19 | 4 | 12 | $535 - $603 | |||||||||||
Headwaters, Dripping Springs | 2017 | 30 | 7 | 23 | 3 | 7 | $420 - $479 | |||||||||||
Travis County: | ||||||||||||||||||
Lakes Edge 70' | TBD | 45 | — | 45 | 7 | — | $623 - $806 | |||||||||||
Lakes Edge 80' | TBD | 14 | — | 14 | 5 | — | $620 - $806 | |||||||||||
Other: | ||||||||||||||||||
Avanti Custom Homes | 2007 | 125 | 124 | 1 | 1 | 3 | $480 - $856 | |||||||||||
Closed Communities | N/A | — | — | — | — | 24 | N/A | |||||||||||
Texas Total | 2,830 | 1,322 | 1,508 | 173 | 506 | |||||||||||||
Trendmaker Homes Total | 2,830 | 1,322 | 1,508 | 173 | 506 | |||||||||||||
- 12 -
TRI Pointe Homes
County, Project, City | Year of First Delivery(1) | Total Number of Lots(2) | Cumulative Homes Delivered as of December 31, 2017 | Lots Owned as of December 31, 2017(3) | Backlog as of December 31,2017(4)(5) | Homes Delivered for the Twelve Months Ended December 31, 2017 | Sales Price Range(in thousands)(6) | |||||||||||
Southern California | ||||||||||||||||||
Orange County: | ||||||||||||||||||
Aria, Rancho Mission Viejo | 2016 | 151 | 95 | 56 | 20 | 47 | $636 - $708 | |||||||||||
Aubergine, Rancho Mission Viejo | 2016 | 66 | 58 | 8 | 5 | 35 | $983 - $1,129 | |||||||||||
Viridian | 2018 | 72 | — | 72 | — | — | $865 - $930 | |||||||||||
Carlisle 10-Pack Garden Court, Irvine | 2017 | 74 | 23 | 51 | 39 | 23 | $672 - $790 | |||||||||||
Sterling Row Townhomes, Irvine | 2017 | 96 | 22 | 74 | 53 | 22 | $587 - $789 | |||||||||||
Varenna at Orchard Hills, Irvine | 2016 | 71 | 39 | 9 | 13 | 31 | $1,175 - $1,240 | |||||||||||
Alston, Anaheim | 2017 | 75 | 19 | 56 | ||||||||||||||